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Casual Articles - 'Buyer Beware' of Business Purchase Contracts!
‘Cash is the king’ is an undebatable truth. The vital importance of cash to the growth and day-to-day management of modern small businesses is very much evident. Even though profit, turnover and market shares are indicators of success, there is no replacement for cash. If there is no cash in the bank to meet monthly bills, wage runs and loan payments then any business can succumb to the crunch. Cash flow is generally acknowledged as the only pressing concern of the small and medium sized business enterprises. Small businesses typically enter into factoring arrangements to solve cash flow problems.The lack of access to capital has prevented many small businesses from growing and capitalizing on the many opportunities that are available to them. Small companies do have to forgo large deals or opportunities because they do not have the n
Would you like to have your employees walk a few miles in your shoes? Looking for a simple way to explain the flow of the revenue and expenses for your business? Want to change the perspective on the gap between wages and amounts charged to customers? Adapt this exercise to your small business situation.George's Auto ServiceEvery person entering the management ranks of a large communications company were required to attend a management orientation workshop.During one workshop the facilitator handed out a little case study and displayed the statement of income and expenses for "George's Auto Service" on the wall. He gave a brief explanation of the expense items for those who had not taken a course in accounting. The case outlined information on the shop's operations and the local conditions.The attendees were split
As a business buyer, each and every sentence within the business purchase contract needs to be read, understood and agreed to before you sign on the “dotted line”. This article will give the business buyer a quick “fly-over ”of the most significant concepts one should understand relative to development and eventual execution of any business purchase contract.
“He Who Writes, Wins!”
If you have been consistently exposed to business contracts in your career, you quickly learn to appreciate the concept that, in development of most complex business agreements, “He who writes, wins!” Any attorney will tell you that it is always in his, his client’s, best interest to be the author of the business contract to be signed in a two party agreement. As a business buyer, you want to be the writer of the purchase contact. If you personally cannot effectively write one, invest the money and have a competent contract lawyer write a purchase contract on your behalf. If the business seller, or their legal counsel writes the business purchase contract be sure you and your attorney evaluate every detail within.
Always Maintain a “Paper Trail”
Given the extraordinary amount of capital involved in most business mergers or acquisitions, coupled with the wide range of people, conversations, meetings and iterative business evaluation steps involved to effectively buy a business, it is imperative for the business buyer to maintain ongoing, copious notes of all related events and communication exchanged between themselves and the business seller or their designated representative, throughout the purchase process.
Publicity is an important and often overlooked tool of creative selling; and a more cost-effective way of reaching your target audience than advertising. With the inherent third-party endorsement of the media implied in every editorial story, a news or feature article in a newspaper, magazine, or on television or radio, is an infinitely more credibly-perceived communications message than an ad or commercial. Publicists less frequently are favored with hard news stories. They are more often tasked with getting “softer” news and feature stories on-air or in print. Here are some techniques involving creative conceptualization and application – what I call CREATIVE FORMATTING – and they work very effectively when carefully thought-through and constructed.1 - Use News to Make News.When you prepare a press release or pitch letter,
“He Who Writes, Wins!”
If you have been consistently exposed to business contracts in your career, you quickly learn to appreciate the concept that, in development of most complex business agreements, “He who writes, wins!” Any attorney will tell you that it is always in his, his client’s, best interest to be the author of the business contract to be signed in a two party agreement. As a business buyer, you want to be the writer of the purchase contact. If you personally cannot effectively write one, invest the money and have a competent contract lawyer write a purchase contract on your behalf. If the business seller, or their legal counsel writes the business purchase contract be sure you and your attorney evaluate every detail within.
Always Maintain a “Paper Trail”
Given the extraordinary amount of capital involved in most business mergers or acquisitions, coupled with the wide range of people, conversations, meetings and iterative business evaluation steps involved to effectively buy a business, it is imperative for the business buyer to maintain ongoing, copious notes of all related events and communication exchanged between themselves and the business seller or their designated representative, throughout the purchase process.
Finally, after all your hard work, you’ve got an interview for the job that you have always wanted. The interview is the most important but stressful part of job hunting. This is when the employers make a decision based on their impression of your personality, potential, skills and experience. You will want to do your best in this conclusion to all your job hunting efforts. So how do you make sure that you actually get the job you deserve!* Plan: Make sure you know where your interview will be and when. This will give you the confidence to arrive in time to relax before the meeting. Remember with whom you are meeting. Find out what job your interviewer does so you know whether they will be your boss, your HR rep or the top boss. Knowing this will enable you to be prepared for the kind of interview it will be and the likely quest
Always Maintain a “Paper Trail”
Given the extraordinary amount of capital involved in most business mergers or acquisitions, coupled with the wide range of people, conversations, meetings and iterative business evaluation steps involved to effectively buy a business, it is imperative for the business buyer to maintain ongoing, copious notes of all related events and communication exchanged between themselves and the business seller or their designated representative, throughout the purchase process.
Remember in two previous articles we talked about sustainable marketing and 4 ways your stationery was killing the environment? And by the way costing you more money too!In the most recent article we talked about the way stationery is printed affects the environment. Now I want to talk about how you can market more sustainably and save money at the same time! Hurrah! What Can You Do For Marketing Sustainability? There are a number of routes to sustainability success. These include the following: Using PDF for brochures, reports and pitches Using webinars to impart information to clients, suppliers, teams, prospects ... Making more use of integrated (and targeted) email Using cleaned mailing lists Cleaning in-house mailing lists Using environmenta
Always Maintain a “Paper Trail”
Given the extraordinary amount of capital involved in most business mergers or acquisitions, coupled with the wide range of people, conversations, meetings and iterative business evaluation steps involved to effectively buy a business, it is imperative for the business buyer to maintain ongoing, copious notes of all related events and communication exchanged between themselves and the business seller or their designated representative, throughout the purchase process.
Life after an MBA program is an exciting time. You will see opportunities open up for your future. In the past, you may have been rejected by employers for lack of experience. Now you are embraced as top candidates for many positions. There are different paths you can take after graduating with an MBA.You can attain a new position in your present company. Many workers go back to school to get their MBA while they are still working. Some companies pay for your schooling. Once you’ve graduated with your MBA you can apply for positions in your company that you weren’t qualified for before. You will be able to rise to the upper echelons of your present company.You can also leave your present company and apply for a new position. An MBA gives you the professional know-how to succeed in many different industries. New employers value
There are three significant advantages for the business buyer in maintaining a paper trail of notes during the purchase process: 1) All key agreement points can be traced to a specific buyer/ seller conversation, 2) If something is written, it can be improved upon by either party, if it is not documented, the likelihood of refining the content is significantly reduced, 3) Sometimes related records can be incorporated into the final business purchase contract as an addendum or attached exhibit
“Buyer Beware!”
As a business buyer, you like to think that all business sellers are honest, forthright and have genuine intentions of developing a mutually beneficial business purchase contract. Most business sellers are! However, like in any complex asset purchase agreement, neither party knows what negative future consequences may surface in the ownership of the sold asset. More often than not, in a business purchase contract, it’s the business buyer who exclusively must address the problem not thought of or included in the final purchase contract. The negative consequences of many common business misfortunes can be reduced, shared between the business buyer and seller, or eliminated altogether with proper business purchase contract contingency language
Fundamental Business Purchase Contract Concepts
Listed below are some fundamental business purchase contract concepts that any prudent business buyer will want to incorporate in their legal due diligence and documentation fulfillment:
Astute business buyers never present an offer to
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